Intrinsic value of Ashford Hospitality Prime - AHP

Previous Close

$9.27

  Intrinsic Value

$5.16

stock screener

  Rating & Target

sell

-44%

  Value-price divergence*

-72%

Previous close

$9.27

 
Intrinsic value

$5.16

 
Up/down potential

-44%

 
Rating

sell

 
Value-price divergence*

-72%

Our model is not good at valuating stocks of financial companies, such as AHP.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AHP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  16.00
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  406
  414
  424
  435
  447
  460
  475
  491
  509
  528
  548
  570
  593
  617
  644
  671
  701
  732
  765
  800
  836
  875
  916
  959
  1,004
  1,052
  1,103
  1,156
  1,211
  1,270
  1,332
Variable operating expenses, $m
 
  360
  368
  378
  388
  400
  413
  427
  442
  459
  476
  495
  515
  537
  559
  583
  609
  636
  665
  695
  727
  760
  796
  833
  873
  914
  958
  1,004
  1,053
  1,104
  1,157
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  361
  360
  368
  378
  388
  400
  413
  427
  442
  459
  476
  495
  515
  537
  559
  583
  609
  636
  665
  695
  727
  760
  796
  833
  873
  914
  958
  1,004
  1,053
  1,104
  1,157
Operating income, $m
  45
  54
  55
  57
  59
  60
  62
  64
  67
  69
  72
  75
  78
  81
  84
  88
  92
  96
  100
  105
  110
  115
  120
  126
  132
  138
  144
  151
  159
  166
  174
EBITDA, $m
  91
  101
  103
  106
  109
  112
  116
  120
  124
  129
  134
  139
  145
  151
  157
  164
  171
  179
  187
  195
  204
  214
  224
  234
  245
  257
  269
  282
  296
  310
  325
Interest expense (income), $m
  38
  36
  37
  38
  39
  40
  42
  43
  45
  47
  48
  51
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  84
  88
  93
  97
  102
  107
  113
  118
  124
Earnings before tax, $m
  26
  18
  19
  19
  20
  20
  21
  21
  22
  23
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  37
  39
  41
  42
  44
  46
  48
  50
Tax expense, $m
  2
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  14
Net income, $m
  19
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
  18
  18
  19
  19
  20
  21
  22
  23
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  127
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,257
  1,154
  1,180
  1,210
  1,244
  1,282
  1,324
  1,369
  1,417
  1,470
  1,526
  1,587
  1,651
  1,720
  1,793
  1,870
  1,952
  2,039
  2,130
  2,227
  2,330
  2,438
  2,551
  2,672
  2,798
  2,931
  3,071
  3,219
  3,374
  3,538
  3,710
Adjusted assets (=assets-cash), $m
  1,130
  1,154
  1,180
  1,210
  1,244
  1,282
  1,324
  1,369
  1,417
  1,470
  1,526
  1,587
  1,651
  1,720
  1,793
  1,870
  1,952
  2,039
  2,130
  2,227
  2,330
  2,438
  2,551
  2,672
  2,798
  2,931
  3,071
  3,219
  3,374
  3,538
  3,710
Revenue / Adjusted assets
  0.359
  0.359
  0.359
  0.360
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
Average production assets, $m
  1,076
  1,097
  1,123
  1,152
  1,184
  1,220
  1,259
  1,302
  1,348
  1,398
  1,452
  1,510
  1,571
  1,636
  1,705
  1,779
  1,857
  1,939
  2,027
  2,119
  2,216
  2,319
  2,427
  2,542
  2,662
  2,789
  2,922
  3,062
  3,210
  3,366
  3,529
Working capital, $m
  0
  -41
  -42
  -43
  -45
  -46
  -48
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -116
  -121
  -127
  -133
Total debt, $m
  765
  784
  805
  828
  855
  884
  917
  952
  990
  1,031
  1,075
  1,122
  1,173
  1,226
  1,283
  1,343
  1,407
  1,475
  1,547
  1,623
  1,702
  1,787
  1,876
  1,969
  2,068
  2,172
  2,282
  2,397
  2,518
  2,646
  2,780
Total liabilities, $m
  882
  901
  922
  945
  972
  1,001
  1,034
  1,069
  1,107
  1,148
  1,192
  1,239
  1,290
  1,343
  1,400
  1,460
  1,524
  1,592
  1,664
  1,740
  1,819
  1,904
  1,993
  2,086
  2,185
  2,289
  2,399
  2,514
  2,635
  2,763
  2,897
Total equity, $m
  375
  253
  258
  265
  273
  281
  290
  300
  310
  322
  334
  348
  362
  377
  393
  410
  427
  446
  467
  488
  510
  534
  559
  585
  613
  642
  673
  705
  739
  775
  812
Total liabilities and equity, $m
  1,257
  1,154
  1,180
  1,210
  1,245
  1,282
  1,324
  1,369
  1,417
  1,470
  1,526
  1,587
  1,652
  1,720
  1,793
  1,870
  1,951
  2,038
  2,131
  2,228
  2,329
  2,438
  2,552
  2,671
  2,798
  2,931
  3,072
  3,219
  3,374
  3,538
  3,709
Debt-to-equity ratio
  2.040
  3.100
  3.110
  3.120
  3.140
  3.150
  3.160
  3.180
  3.190
  3.200
  3.220
  3.230
  3.240
  3.260
  3.270
  3.280
  3.290
  3.300
  3.320
  3.330
  3.340
  3.350
  3.360
  3.370
  3.380
  3.380
  3.390
  3.400
  3.410
  3.420
  3.420
Adjusted equity ratio
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  19
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
  18
  18
  19
  19
  20
  21
  22
  23
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
Depreciation, amort., depletion, $m
  46
  47
  48
  49
  51
  52
  54
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
Funds from operations, $m
  55
  60
  62
  63
  65
  67
  69
  71
  74
  76
  79
  82
  85
  89
  92
  96
  100
  105
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  187
Change in working capital, $m
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Cash from operations, $m
  57
  61
  63
  64
  66
  68
  70
  73
  75
  78
  81
  84
  88
  91
  95
  99
  103
  108
  112
  117
  123
  128
  134
  140
  147
  154
  161
  168
  176
  185
  194
Maintenance CAPEX, $m
  0
  -46
  -47
  -48
  -49
  -51
  -52
  -54
  -56
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -144
New CAPEX, $m
  -23
  -21
  -25
  -29
  -32
  -36
  -39
  -43
  -46
  -50
  -54
  -57
  -61
  -65
  -69
  -74
  -78
  -83
  -87
  -92
  -97
  -103
  -108
  -114
  -120
  -127
  -133
  -140
  -148
  -155
  -164
Cash from investing activities, $m
  100
  -67
  -72
  -77
  -81
  -87
  -91
  -97
  -102
  -108
  -114
  -119
  -126
  -132
  -139
  -147
  -154
  -162
  -170
  -179
  -188
  -198
  -207
  -218
  -229
  -241
  -252
  -265
  -279
  -292
  -308
Free cash flow, $m
  157
  -6
  -10
  -13
  -15
  -18
  -21
  -24
  -27
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -102
  -108
  -114
Issuance/(repayment) of debt, $m
  -73
  19
  21
  24
  27
  29
  32
  35
  38
  41
  44
  47
  50
  54
  57
  60
  64
  68
  72
  76
  80
  84
  89
  94
  99
  104
  110
  115
  121
  128
  134
Issuance/(repurchase) of shares, $m
  -35
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
Cash from financing (excl. dividends), $m  
  -119
  19
  21
  24
  27
  29
  32
  35
  38
  41
  44
  47
  50
  54
  57
  60
  64
  68
  72
  76
  80
  84
  89
  94
  99
  104
  110
  115
  121
  129
  135
Total cash flow (excl. dividends), $m
  39
  13
  11
  11
  11
  11
  11
  11
  11
  12
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  17
  17
  18
  18
  19
  20
  22
Retained Cash Flow (-), $m
  26
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
Prev. year cash balance distribution, $m
 
  127
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  135
  5
  4
  4
  3
  2
  1
  1
  0
  -1
  -1
  -2
  -3
  -3
  -4
  -5
  -5
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -15
  -16
Discount rate, %
 
  9.50
  9.98
  10.47
  11.00
  11.55
  12.12
  12.73
  13.37
  14.04
  14.74
  15.47
  16.25
  17.06
  17.91
  18.81
  19.75
  20.74
  21.77
  22.86
  24.01
  25.21
  26.47
  27.79
  29.18
  30.64
  32.17
  33.78
  35.47
  37.24
  39.10
PV of cash for distribution, $m
 
  123
  4
  3
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.8
  99.6

Ashford Hospitality Prime, Inc. is a real estate investment trust. The firm invests in real estate markets across the globe. It invests primarily in high RevPAR, full-service and urban select-service hotels and resorts located predominantly in domestic and international gateway markets. Ashford Hospitality Prime, Inc. was formed in April 2013 and is based in Dallas, Texas.

FINANCIAL RATIOS  of  Ashford Hospitality Prime (AHP)

Valuation Ratios
P/E Ratio 12.7
Price to Sales 0.6
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 4.2
Price to Free Cash Flow 7.1
Growth Rates
Sales Growth Rate 16%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -85.9%
Cap. Spend. - 3 Yr. Gr. Rate -3.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 204%
Total Debt to Equity 204%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 0.4%
Return On Equity 4.9%
Return On Equity - 3 Yr. Avg. 1.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 41.4%
Gross Margin - 3 Yr. Avg. 43.1%
EBITDA Margin 27.1%
EBITDA Margin - 3 Yr. Avg. 25.2%
Operating Margin 11.1%
Oper. Margin - 3 Yr. Avg. 12.7%
Pre-Tax Margin 6.4%
Pre-Tax Margin - 3 Yr. Avg. 2.3%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 1.1%
Effective Tax Rate 7.7%
Eff/ Tax Rate - 3 Yr. Avg. 0.9%
Payout Ratio 89.5%

AHP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AHP stock intrinsic value calculation we used $406 million for the last fiscal year's total revenue generated by Ashford Hospitality Prime. The default revenue input number comes from 2016 income statement of Ashford Hospitality Prime. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AHP stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.5%, whose default value for AHP is calculated based on our internal credit rating of Ashford Hospitality Prime, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ashford Hospitality Prime.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AHP stock the variable cost ratio is equal to 86.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AHP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.7% for Ashford Hospitality Prime.

Corporate tax rate of 27% is the nominal tax rate for Ashford Hospitality Prime. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AHP stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AHP are equal to 265%.

Life of production assets of 23.4 years is the average useful life of capital assets used in Ashford Hospitality Prime operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AHP is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $375 million for Ashford Hospitality Prime - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 26.029 million for Ashford Hospitality Prime is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ashford Hospitality Prime at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
PEB Pebblebrook Ho 31.58 5.55  str.sell
CHSP Chesapeake Lod 24.61 5.02  str.sell
DRH Diamondrock Ho 10.74 2.36  str.sell
LHO LaSalle Hotel 27.80 5.80  str.sell
SHO Sunstone Hotel 15.41 2.85  str.sell
AINC Ashford 59.99 8.95  str.sell
AHT Ashford Hospit 5.92 17.49  str.buy
SOHO Sotherly Hotel 6.00 1.61  str.sell
HST Host Hotels&Re 17.43 2.39  str.sell
FCH Felcor Lodging 7.02 0.41  str.sell

COMPANY NEWS

▶ Ashford Hospitality Prime reports 2Q results   [Aug-02-17 10:54PM  Associated Press]
▶ Ashford Hospitality Primes Dividend Confidence   [Jul-26-17 12:09PM  Market Realist]
▶ Top Ranked Income Stocks to Buy for July 24th   [Jul-24-17 10:13AM  Zacks]
▶ Top Ranked Income Stocks to Buy for July 14th   [Jul-14-17 09:03AM  Zacks]
▶ Top Ranked Value Stocks to Buy for July 13th   [Jul-13-17 11:46AM  Zacks]
▶ Top Ranked Income Stocks to Buy for July 6th   [Jul-06-17 11:25AM  Zacks]
▶ 3 Small Cap REITs Poised To Profit   [Jun-26-17 07:00AM  Forbes]
▶ Ashford Prime To Present At NAREIT's REITWeek 2017   [Jun-05-17 08:00AM  PR Newswire]
▶ Ashford Trust Reports First Quarter 2017 Results   [May-04-17 04:15PM  PR Newswire]
▶ Ashford Prime Reports First Quarter 2017 Results   [May-03-17 04:15PM  PR Newswire]
▶ FelCor merging with Maryland hotel investment company in $1.18B deal   [Apr-24-17 02:40PM  American City Business Journals]
▶ FelCor tells Ashford it will consider cash sale   [Feb-27-17 06:00PM  at bizjournals.com]
▶ [$$] Ranking the Lodging REITs   [Dec-23-16 02:56PM  at Barrons.com]
▶ Federal Appellate Court Rejects Sessa's Appeal   [Dec-19-16 08:00AM  PR Newswire]
▶ Is Ashford Hospitality Trust, Inc. (AHT) A Good Stock To Buy?   [Dec-09-16 04:27AM  at Insider Monkey]
▶ 3 Reliable Dividend Stocks Yielding 7% or More   [Nov-30-16 10:00AM  at Kiplinger]
Stock chart of AHP Financial statements of AHP
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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